Ford Investment: Automaker Commits $1.45 Billion To Launch New Bronco, Electrified F-150 Trucks

Ford (F) is upping its commitment to the electric and autonomous vehicle market with a more than $1.45 billion investment in two of its Michigan manufacturing plants. The new plant overhauls will add 3,000 new jobs in the state.

The automaker’s Wayne, Michigan, plant will receive about $750 million and have an additional 2,700 jobs added over the next three years. The facility will be equipped with new equipment to support the production of Ford’s re-release of the Bronco in the spring of 2020, as well as the new Ranger pickup truck.

Ford will also build a new modification center at the Wayne plant, which will build the first autonomous vehicles for the company in 2021. Here, the company said it will install self-driving technology and purpose-built interiors for these vehicles as part of its foray into the autonomous vehicle sector.

The new modification center will also be used for customer modification of the Bronco and Ranger vehicles, and collaborate with Ford’s Dearborn and Detroit, Michigan, AV research centers on self-driving cars.

The remaining $700 million investment will be used at Ford’s Dearborn plant, adding 300 jobs in the process as the company upgrades the facility to support the production of its hybrid and electrified versions of the F-150 pickup truck, which will debut in 2020 and beyond, respectively. Battery cells will also be assembled into battery packs for the vehicles.

“At Ford, we are investing aggressively in building on our strengths today – including trucks and SUVs – while at the same time expanding our leadership into electric and autonomous vehicles,” Joe Hinrichs, Ford’s president, Automotive said.

Shares of Ford stock were down 0.16% as of 2:47 p.m. EST on Tuesday.